Latvia: Upright Piano Market 2025

Upright Piano Market Size in Latvia

In 2022, the Latvian upright piano market decreased by -20.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a strong increase. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Upright Piano Exports

Exports from Latvia

Upright piano exports from Latvia skyrocketed to X units in 2022, increasing by 800% compared with the previous year. Over the period under review, exports, however, recorded a mild setback. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports skyrocketed to $X in 2022. Overall, exports continue to indicate strong growth. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Lithuania (X units) and Estonia (X units) were the main destinations of upright piano exports from Latvia, with a combined 78% share of total exports. Moreover, upright piano exports in the United States exceeded the figures recorded by the second-largest exporter, Lithuania, twofold.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +26.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for acoustic new upright pianos exports from Latvia, comprising 66% of total exports. The second position in the ranking was held by Lithuania ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +93.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (-11.1% per year) and Hong Kong SAR (0.0% per year).

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, rising by 220% against the previous year. Over the period under review, the export price recorded prominent growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+53.3%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Latvia

For the third year in a row, Latvia recorded growth in overseas purchases of acoustic new upright pianos, which increased by 5.6% to X units in 2022. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2015 when imports increased by 128%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, upright piano imports reduced notably to $X in 2022. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2015 when imports increased by 357% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped markedly in the following year.

Imports by Country

In 2022, Germany (X units) constituted the largest upright piano supplier to Latvia, accounting for a 69% share of total imports. Moreover, upright piano imports from Germany exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), threefold. The United States (X units) ranked third in terms of total imports with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+15.3% per year) and the United States (0.0% per year).

In value terms, Germany ($X) constituted the largest supplier of acoustic new upright pianos to Latvia, comprising 65% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 32% share of total imports. It was followed by Denmark, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+12.6% per year) and Denmark (0.0% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, falling by -33.9% against the previous year. In general, the import price, however, saw a strong expansion. The growth pace was the most rapid in 2013 when the average import price increased by 184%. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+42.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform